A bill to amend title VII of the Housing Act of 1961 to establish an Urban Parkland Heritage Corporation to provide funds for the acquisition and operation of open-space land, and for other purposes.

[AI summary unavailable — showing source text] States that it is the purpose of this Act to: (1) help control urban sprawl; (2) prevent the spread of urban plight and deterioration; (3) encourage more economic, environmentally sound urban development; (4) assist in preserving areas and properties of historic or architectural value; and (5) help provide necessary recreational, conservation, and scenic areas. Establishes the Urban Parkland Heritage Corporation as an independent establishment in the executive branch to carry out the provisions of this Act. Provides that the Corporation shall be subject to the direction and supervision of a Board of Directors. Specifies the membership of the Board. States that all grants and loans made by the Corporation shall be approved by the Board which shall meet no less than four times annually. Authorizes the Corporation to make loans and grants to States and local public bodies to help finance the acquisition and development of open-space land in urban areas. States that the amount of any such grant shall not exceed 75 percent of the eligible project cost, as approved by the Corporation. Raises the amount of such grant to 90 percent if the State or local public body could not otherwise reas…